U.K. Chancellor Rachel Reeves set to slash billions in public spending

Quick Summary:

The spending update comes as the Labour government, elected in July after a landslide election win, faces sluggish economic growth and rising borrowing costs.

In a glimmer of good news, Britain's annual inflation rate eased to 2.8 percent in February, down from 3.0 percent in January, according to the Office for National Statistics.

The central bank kept interest rates unchanged last week after a series of cuts, warning of "economic uncertainty".

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Article Details

Author / Journalist: Alexandra Bacon, AFP

Category: EconomyBusiness

Markets: United States

Topics: Editor's Picks LondonWires U.K. Labour Party Inflation Government spending

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-26 @ 10:12:59 (3 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 510 words

Reading Time: 3 minutes read

Sentences: 5 lines

Sentence Length: 102 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 27349560

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Official Website: fortune.com

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